En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Petrobras could bid on more blocks in pre-salt auction-CEO

 

 

 

Reporting by Marta Nogueira

RIO DE JANEIRO
Petroleumworld 10 25 2017

Petroleo Brasileiro SA could bid on more blocks in an auction of Brazil's pre-salt offshore area this week, taking advantage of its preemptive rights to add to the three it has already flagged, the oil company's chief executive said.

Speaking on the sidelines of an oil conference in Rio de Janeiro, Pedro Parente said state-controlled Petrobras would bid “not necessarily on just the three” but he added that the indebted company had to be selective.

“The company's situation demands that we make bids only on the areas that may have greater potential,” Parente told reporters, declining to comment on potential bidding partners.

On Friday, Brazil will hold its first auction of blocks in its coveted pre-salt offshore area -- where oil is trapped under a thick layer of salt beneath the ocean floor -- since 2013, when tough regulations deterred many bidders.

To entice more investment, congress eliminated a rule requiring Petrobras to be the sole operator in all pre-salt blocks but gave it a preemptive right to pre-select blocks.

Ahead of Friday's auctions, Petrobras exercised those rights for the Sapinhoá, Peroba and Alto de Cabo Frio Central blocks, meaning it would become operator and likely take a minimum 30 percent stake in any consortium to win those blocks.

Parente also said the company would maintain its goal of $21 billion in divestments by the end of 2018, despite legal challenges that have hampered the process so far.

“That causes a delay, but does not make the divestments impossible,” he said.



Reporting by Marta Nogueira; Writing by Alexandra Alper; Editing by Daniel Flynn and Susan Thomas from Reuters.

reuters.com 10 24 2017

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Nov 13-14 ;
Mexico City, Mexico

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.